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Tuesday, May 04, 2010 9:52:42 PM
The one key ingredient for a move higher in stock price, Pyykkonen says, is continued improvement in the bottom line. That would attract more institutional investors and help Sirius gain momentum. Currently retail investors own about 80% of the stock, he says.
Sirius XM is also a buy for Martin Pyykkonen, senior analyst at Janco Partners, who has a price target of $1.40. “We project [2010] revenue growth of 7% to 8% based on 10.2 million cars sold in the U.S.," he says.
So far in 2010 Sirius has benefited from improving sales for the likes of Ford Motor ( F - news - people ), Toyota Motor ( TM - news - people ) and GM, but Pyykkonen also argues that the economy does not have to boom for Sirius to sustain its momentum.
http://www.forbes.com/2010/05/04/sirius-xm-earnings-markets-equities-radio.html?partner=yahootix
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